After 20 years in the Valley's dining scene, Flo’s Restaurants Inc., which operates the two Flo’s restaurants in Scottsdale, has filed for Chapter 11 bankruptcy.

The family-owned company was struggling to make payments on a loan it took out years ago to improve the dining areas and other parts of their restaurants, according to a statement from co-owner Florence Chan. At the time, Flo’s had three Scottsdale locations. The economic downturn forced them to close the DC Ranch branch in 2008.

“The revenue from our two remaining restaurants, though strong and healthy, could not alone support payments for a loan designed for three restaurants,” Chan said in the statement, provided by her attorney.

On Aug. 8, Flo’s filed for Chapter 11 bankruptcy, which allows the company to reorganize and repay debts over time.

That means, for now, it’s business as usual for Flo’s Asian Kitchen at the Promenade and Flo’s Chinese Restaurant at McDowell Mountain. Flo’s New Asian Cuisine in Tempe is owned by a third party and is not involved in the bankruptcy proceedings.